I admit my ignorance of currency laws in effect in 1929 but I'd consider this document to be the equivalent of counterfeit currency. The Federal Government started clamping down on state and bank issued currency before the Civil War. I think it's implausible they'd facilitate the practice by holding warranty funds, and redeeming these notes for a private enterprise. If I saw a recent issue like this my opinion would be that it was a scam.

It's going to be interesting if we get an expert opinion back on this note.

Backed by bonds deposited with the Federal Government, this kind of money says "National Currency" at the top center of the note. These notes were issued by banks who received a Charter from the United States government allowing them to issue money. The Government Printing Office printed these notes with the same design except for the name of the banks, signatures of the bank officers and the Charter number. National Currency notes were made from 1863 to 1929.

The 1929 notes are the only small size notes and come in two types. The Type I note has a brown seal with the charter number only in large black numerals. Type 2 notes have in addition the charter number printed with brown letters near the serial number of the note."